National medical devices policy will boost health sector: PM Modi
The medical devices sector in India is a sunrise sector which is growing at a fast pace. The market size of the medical devices sector in India is estimated to be $11 billion (approximately, ₹ 90,000 Cr) in 2020 and its share in the global medical device market is estimated to be 1.5%.
Prime Minister Narendra Modi on Thursday said that the ‘National Medical Devices Policy 2023 will boost the health sector and further efforts to make India a leader in making as well as exporting medical devices.
PM lauded the Union Cabinet’s move to approve the policy. He also said the cabinet decision approving the establishment of 157 new nursing colleges is great news for India’s aspiring nursing professionals.
“The co-location with existing medical colleges also signifies optimum use of resources,” he said. The Union Cabinet on Wednesday approved the establishment of 157 nursing colleges at a cost of Rs 1,570 crore in co-location with the medical colleges set up in the country since 2014.
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In another decision, the Union Cabinet approved National Medical Devices Policy 2023 to promote domestic manufacturing and help the sunrise sector grow from the present USD 11 billion (one billion = 100 crore) to USD 50 billion in the next five years and reduce import dependence.
“This is an important decision taken by the Cabinet, which will boost the health sector and further our efforts to make India a leader in making as well as exporting medical devices,” Modi said in a tweet.
This is an important decision taken by the Cabinet, which will boost the health sector and further our efforts to make India a leader in making as well as exporting medical devices. https://t.co/EKQn6bmcNf https://t.co/LqnXxscDnA
— Narendra Modi (@narendramodi) April 27, 2023
The Union Cabinet approved the policy on Wednesday.
The medical devices sector in India is an essential and integral constituent of the Indian healthcare sector. The Indian medical devices sector’s contribution has become even more prominent as India supported the domestic and global battle against COVID-19 pandemic through the large-scale production of medical devices & diagnostic kits, such as ventilators, rapid antigen test kits, ‘Real-Rime Reverse Transcription Polymerase Chain Reaction (RT-PCR) kits, infrared thermometers, Personal Protective Equipment(PPE) kits & N-95 masks.
The Indian medical devices sector is on a growth track and has an enormous potential to become self-reliant and contribute towards the goal of universal health care.
The National Medical Devices Policy 2023 is expected to facilitate an orderly growth of the medical device sector to meet the public health objectives of access, affordability, quality and innovation. This sector is expected to realize its full potential, with the strategies viz, building an enabling ecosystem for manufacturing along with a focus on innovation, creating a robust and streamlined regulatory framework, providing support in training and capacity building programs and promoting higher education to foster talent and skilled resources in line with the industry requirements.
Encouraging domestic investments and production of medical devices complements the government’s ‘Atmanirbhar Bharat’ and ‘Make in India’ programs.
Salient Features of National Medical Devices Policy, 2023:
Vision: Accelerated growth path with a patient-centric approach and to emerge as the global leader in the manufacturing and innovation of medical devices by achieving a 10-12% share in the expanding global market over the next 25 years. The policy is expected to help the Medical Devices Sector grow from the present $11 Bn to $50 Bn by 2030.
Mission: The policy lays down a roadmap for accelerated growth of the medical devices sector to achieve the following missions viz, access and universality, affordability, quality, patient-centred and quality care, preventive and promotive health, security, research, innovation and skilled manpower.
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